March 21, 2018 at 7:01 am #2659
Prices in real estate sector remain stable
By Our CorrespondentPublished: March 8, 2018
LAHORE: The real estate trends for the first couple of months of 2018 remained encouraging; prices did not witness any major dip in all mega cities of the country.
“The markets are relying on genuine buyers since the new tax regime scared investors,” said Mian Bilal Hanif, a Lahore-based expert in real estate markets.
“The government has announced an amnesty scheme and lowered property valuation but the damage has been done,” he added.
However according to Zameen.com, a real estate portal, all four major cities, Lahore, Islamabad, Karachi, and Gujranwala, experienced moderate changes and price stability.
DHA Phases I-VI showed moderate growth for both 1-kanal and 10-marla plots. The price of 10-marla plots rose by 4.24%, and rates of 1-kanal plots increased by 4.74%. These phases have relatively high prices.
Similarly, DHA Phases VII-IX also experienced moderate rates of growth in their prices. Here, both investors and genuine buyers played a role. Prices of 10-marla plots increased 3.20%, while the rates of 1-kanal plots also rose by 4.86%.
For Bahria Town, price of 1-kanal appreciated by 1.05%, and 10-marla plots by 2.35%. The inauguration of the Lahore Ring Road Southern Loop cleared up investment uncertainty.
Due to the high rate of saturation in the locality, Wapda Town remained quite stable for both 10-marla and 1-kanal plots, with rates increasing by 0.96% and 0.20%, respectively.
Islamabad’s real estate market was stable for most societies. DHA Islamabad’s rates remained stable in January, with prices of 10-marla plots going up by 0.39%, and those of 1-kanal plots increasing by 0.70%.
In a similar case, Sector F-11 was quite stable. However, this stability has been constant due to the locality being saturated. The prices of 10-marla plots went up by 0.68%, while those of 1-kanal plots increased by 0.51%. Sector E-11 in the same vicinity also performed the same way. Here, rates of 10-marla plots went up by 0.08%, while those of 1-kanal plots went up by 0.52%. Bahria Town experienced moderate drops for both 1-kanal and 10-marla plots, at 3.86% and 2.20%, respectively.
Karachi’s property market showcased mixed trends, with stability and moderate fluctuations in prices. DHA Karachi’s 250-square yard plot prices experienced a moderate growth of 1.04%, while 500-square-yard plots remained stable with an increase of 0.68%. Smaller plots sizes being more popular is an indication of genuine buyers showing interest in the society.
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DHA City Karachi experienced moderate growth for both 250 square yard and 500 square yard plots, whose prices increased by 2.20% and 1.69%, respectively. Relatively newer than other projects, and of interest to investors due to the undergoing development taking place there, the rates here are expected to increase more as the year progresses and construction of houses commences.
Published in The Express Tribune, March 8th, 2018.March 22, 2018 at 2:10 pm #2663
Atleast for real estate market of Lahore, there has been a slightly upwards trend after opening of Lahore ring road. Investments in societies near southern loop of Lahore ring road will be a wise decision.April 9, 2018 at 7:26 am #2752
Real estate market shows modest growth
By Shahram HaqPublished: April 8, 2018
LAHORE: The real estate market of all major cities of Pakistan showed modest growth in February, with hope that prices would strengthen even as elections approach later this year.
Last year’s bearish trends still affected buying, as growth was moderate, and no society stood out drastically, revealed a report of an online property portal.
“However, the moderate growth and buying trends indicated that investors are returning to the market after last year’s calmness,” stated Zameen.com. All four major cities – Lahore, Islamabad, Karachi, and Gujranwala – experienced moderate changes and stability. Projects by big-name developers performed well in all four cities.
According to the data, in Lahore, DHA Phases I-VI showcased stability for 1-kanal plots with a rise of 0.63%, and a moderate growth of 1.79% in 10-marla plots. This can be attributed to the rising number of homes being constructed in Phases V and VI by genuine buyers.
DHA Phases VII-IX showcased similar trends, with 1-kanal plots going up by 0.56%, and 10-marla plots going up by 1.25%. A significant amount of this increase is due to development work being undertaken in Phase IX.
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DHA Karachi remained stable with rises of 0.67% for 250 square yard plots, and 0.16% for 500 sq yard plots. This was because no major developments were announced there, and genuine buyers ruled the market.
On the other hand, DHA City Karachi experienced moderate growth for both 250 sq yard and 500 sq yard options. The former went up by 3.28%, while the latter increased by 3.09%. In the past few months, rates had been dropping, leading to an ideal situation for investors to come in and generate activity in the locality.
Bahria Town Karachi experienced downward trends, with 250 sq yard plots dropping by a moderate 1.81%, and rates of 500 sq yard plots going down by a stable 0.23%.
Plots in Islamabad’s Sector F-11 showcased moderate growth of 1.60% and 1.53% for both 10-marla and 1-kanal options, respectively. This is due to the fact that it is only 20 minutes away from the Islamabad International Airport, which has generated activity in the area.
DHA Islamabad, on the other hand, remained stable, with 10-marla plots going up by 0.20%, and 1-kanal plots appreciating by 0.23%. Its location away from the airport means that it does not get the attention localities around the airport are receiving.
Published in The Express Tribune, April 8th, 2018.April 12, 2018 at 6:33 am #2756
Property prices in four major cities of Pakistan present mix picture
Last Updated On 09 April,2018 08:08 pm
(Web Desk) – The property market in February for all four major cities of Pakistan presented a mixed picture of moderate growth and stability, showing the steady recovery of the real estate market from previous events. Very few drops were present, and were moderate. The upcoming elections have investors waiting to see what the economic situation of the country will be, and the real estate market will change accordingly once the elections are over.
According a report prepared by Zameen.com, in Lahore, the market remained largely stable with no significant changes. The 1-kanal plots in all major localities remained stable for the most part, in accordance with the ongoing bearish trends in property. However, 10-marla plots in many societies experienced moderate growth, which shows that genuine buyers seeking to build their homes are the current major players in Lahore’s real estate.
Islamabad’s property market showcased interesting trends with moderate growth overall, and stability in some societies. For the most part, investors were holding off in anticipation of the inauguration of Islamabad International Airport to be held in April. Once the airport is inaugurated, localities around it are expected to perform quite well.
For the real estate market of Karachi, stability prevailed for the most part, with a few notable exceptions where there were moderate rises and drops. Societies where development was being undertaken at an encouraging pace were more popular, whereas investors were still taking a backseat to see how the elections would play out.
Gujranwala’s real estate market proved to be the most encouraging in February, with moderate growth in almost every project. This is due to the currently low prices in the area and the anticipation around the ongoing development in major societies. Ever since the launch of DHA Gujranwala, the property market in the city has been active due to the high potential gains that can be garnered in the area.
Overall, stability and moderate growth were the prevailing trends, continuing the bearish trend of the past few months, with steady improvement being seen as investors anticipate future returns once a clearer picture of the market is presented after the elections.
Overall, the real estate market fared in quite a stable manner, with hints towards steady growth in the near future. Circumstances from last year, and the upcoming elections mean that investors are biding their time before fully participating in dealing with property. As the year progresses, and new developments and mega-projects such as Islamabad International Airport, come to light, the market is expected to perform much better.
It was seen that genuine buyers are still the prevalent force in the current real estate situation, and have kept the bearish trends form the past few months ongoing. In all four major cities, almost all of the projects showcased stability and moderate growth, indicating the slow and steady recovery of the property market. Lahore remained largely stable, with Karachi performing similarly. However, the infrastructural development in Islamabad created buzz in its real estate market, which will be more apparent in a few months. Gujranwala, being a relatively newer and affordable option, has generated quite some hype and interest when it comes to property. Quality projects at the current prices make Gujranwala attractive to investors.
“Pakistan’s real estate has shown encouraging progress in February when you compare it to the ups and downs of the last year. However, we can only see for certain how well the market will perform once the elections are over. The one thing that we know for sure is the need for regularisation has never been greater- with it, we shall see better trends, growth, and overall stability”, said Zameen.com CEO Zeeshan Ali Khan.
Cc: DunyanewsApril 12, 2018 at 6:37 am #2757
Realtors protest hike in tax on property transfer
The Newspaper’s Staff ReporterUpdated April 06, 2018
LAHORE: A number of property dealers and realtors blocked The Mall by staging a sit-in on Thursday against massive increase in taxes on the transfer of property.
Chanting slogans against the government, the realtors reached Charing Cross in groups and vowed to continue protest till bringing ratio of taxes to the level where it was two years ago.
“For the last two years we are almost without work, as the 200pc increase in taxes on the transfer of properties has marred the entire sale and purchase activities in Lahore. The genuine buyers, investors and realtors are in great problem just because of increased taxes,” Muhammad Usman, information secretary of the Lahore Property Association told Dawn.
The estate agents blocked the road after parking their vehicles and lashed out at the Punjab government while delivering speeches from trucks.
“We will only end our protest if the government announces bringing the property transfer rates as they were two years back,” said Iftikhar Ahmad, a realtor.
When police officials reached, the protesters had already occupied The Mall’s main intersection.
Though the police were equipped with water-canon and other tools to disperse the protesters, they preferred to engage the protesters in dialogue, avoiding use of force.
The district administration conveyed the demands of the protesters to the quarters concerned.
“The administration has conveyed all demands of the realtors (to the government), as it didn’t want any clash with them. Let see what happens,” an official told Dawn.
Meanwhile, city’s major roads again witnessed traffic congestion after the traffic police stopped motorists from accessing The Mall because of the protest.
Published in Dawn, April 6th, 2018April 13, 2018 at 9:12 am #2764
You can’t build a second floor in Karachi houses
April 4 | 2018 | Samaa Web Desk
People cannot build anything over a ground-plus-one floor structure on residential plots that are over 120-sq yards in Karachi.
The ban applies to plots located in Gulshan-e-Iqbal, Gulberg, Jamshed Town, Liaquatabad and Nazimabad. It will be effective until a government committee presents a report to the Supreme Court, said a notification Tuesday.
There is a severe housing shortage in Karachi and going up is the only way to tackle it. As Karachi has grown denser, the Sindh Building Control Authority has tried to clamp down on construction. Water, electricity and sewage infrastructure is strained.
A real estate agent said the ban is bad business for them.
In May 2017, the building authority had banned the construction of above ground plus two stories across Karachi. This affected high-rise construction of flats and the housing industry.
(An earlier version of this story incorrectly quoted the SBCA saying that people cannot build anything over a ground plus one floor structure on 120-sq yard plots. The error is regretted.)
Published in Pakistan
Story first published: 4th April 2018April 16, 2018 at 6:10 am #2766
Open hearing on real estate sector tomorrow
April 16, 2018
The Competition Commission of Pakistan will hold Open Hearings on Competition Issues in the Real Estate Sector in Lahore and Karachi to give an opportunity to the stakeholders to voice their concerns on relevant issues.
The Open Hearing in Lahore will be held at 11 am on Tuesday, 17 April 2018 at PC Hotel Lahore, while it will be held in Karachi at 11 am on Thursday, 19 April 2018 at Avari Hotel Karachi. The Open Hearing in Islamabad was successfully held on 12 April 2018.
The real estate sector plays a crucial role in the development and economic growth of Pakistan by its contribution to the national GDP, attracting local and foreign investment, and generating employment opportunities.
The real estate sector spends billions of rupees on marketing campaigns in print and electronic media to publicise their offerings. The Commission has received numerous concerns and complaints that certain housing societies across the country are deceiving consumers through deceptive marketing practices. These include false claims relating to the facilities being offered, hiding important information such as development charges, misleading people on facts such as distance from key landmarks, and status of approvals of relevant authorities.
April 20, 2018 at 12:03 pm #2783
- This reply was modified 1 week, 2 days ago by Mohsin Munir.
CCP concludes open hearings on real estate sector
April 20, 2018
The Competition Commission of Pakistan (CCP) concluded the three open hearings on the Real Estate Sector in Pakistan to give an opportunity to the stakeholders to voice their concerns on relevant issues.
The CCP’s bench, comprising the Chairperson Vadiyya Khalil, and Members Dr. Shehzad Ansar and Dr. Muhammad Saleem, conducted the open hearings in Karachi on Thursday, 19 April, and in Islamabad and Lahore on 11 and 17 April. The representatives of real estate associations, builders, developers, marketers, regulators, ministries and other relevant government offices, and consumers in large number attended these hearings.
In her opening remarks, Chairperson Khalil said that the real estate sector plays a crucial role in contributing to economic growth and in helping people achieve a lifelong aspiration of their own home.
However, she said, the CCP continues to receive a number of concerns and complaints from consumers about deceptive marketing practices and other pertinent issues in the sector.
The open hearing, she said, has been organised to discuss those and other relevant issues so that CCP can take necessary measures under its mandate to help resolve those issues.
The attendees complained of being subject to deceptive marketing practices by the developers and marketing companies and said that, in most of the cases, the facilities being promised in the marketing campaigns were not provided.
They also highlighted other issues such as overbooking of plots, delay in giving possession of plots, and approvals – or lack thereof – by the relevant authorities for various housing schemes and societies.
April 25, 2018 at 7:40 am #2787
- This reply was modified 5 days, 17 hours ago by Mohsin Munir.
$5 Billion Investment to Boost Pakistan Real Estate, as Major Developers Participate at the Dream Home Expo
Published April 24th, 2018 – 09:57 GMT
UAE-based BMS International Commercial Investment LLC, one of the Royal Group Companies of Sheikh Saeed Bin Khalifa Al Nahyan, has shown interest in investing $3 billion in different economic sectors of Pakistan, with a focus on real estate.
Louai Mohammed Ali, chairman of BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors.
In December 2017, Egyptian tycoon Naguib Sawiris of Ora Developers and Pakistan’s Saif Group announced investing over $2 billion in real estate ventures in Islamabad.
Pakistan’s near-term outlook for economic growth is broadly favourable, the International Monetary Fund (IMF), said in a recent statement.
“Real GDP is expected to grow by 5.6 percent in FY 2017/18, supported by improved power supply, investment related to the China-Pakistan Economic Corridor (CPEC), strong consumption growth, and ongoing recovery in agriculture. Inflation has remained contained,” the IMF said in a statement in March 2018.
Total Foreign direct investment (FDI) into Pakistan surged 68.9 per cent to $4.45 billion in the nine months of FY2018, according to the central bank data.
With a population of almost 208 million people, Pakistan is suffering a shortage of 12 million houses, said a latest report. Karachi, with its behemothian population of 16.6 million, has an annual shortage of 300,000 houses.
Pakistan’s growing economy supported by its investment sector has remained instrumental to the country’s economic growth over the last five years. With a spend of about $5.2 billion on real estate construction backed up by price correction of up to 20 percent and major advancements in the overall industry dynamics, the property market has enabled strong returns among investors compared to other investment avenues.
Likewise, recent studies have indicated a significant move in the local real estate market of Pakistan towards overseas investment, being identified as one of the largest investors in the International Property Market. Pakistan’s property buyers have increasingly secured homes and investment in Europe, GCC, Canada and UK.
Global real estate transaction value reached $698 billion in 2017, 6 percent above the total transacted in 2016, according to Jones Lang LaSalle, a global real estate advisory. Pakistani investors represented a good chunk of this.
Pakistani nationals have invested Dh24.98 billion in Dubai’s real estate through 19,955 transactions in the last four years (2014-2017), according to Dubai Land Department (DLD) making them the third largest non-Arab investor group by nationality.
DOME Exhibitions in collaboration with Pakistan’s leading media house Jang Media Group is back this year to bring the International Real Estate Investment opportunities in the heart of Pakistan with its much-awaited participation at the Dream Home Expo, Pakistan’s leading property and investment exhibition.
“Pakistanis and Non-Resident Pakistanis (NRP) alike have increasingly been investing within Pakistan and in international markets. Such investors have made their mark in countries across the world, acquiring not just investments but also citizenship opportunities through various investment programs,” said Antoine Georges, Managing Director of DOME Exhibitions, International Pavilion organizer of the exhibition.
Sarmad Ali, Managing Director of Jang Group commented, “Dream Home Expo creates a diversified platform that bridges the gap between exhibitors and buyers through specialized offers, property showcases and varied investment prospects in Pakistan. Moreover, the International Real Estate and Investment Show draw an added participation from international real estate leaders, attracting high-net worth investors to explore not just the country but also different countries in Europe, Asia and the GCC.”
Set to bring the best that the region has to offer, Jang Media Group, the organizer of “Dream Home Expo” from 11-13 May at the Pak-China Friendship Centre, Islamabad, Pakistan. This year’s International Real Estate segment will play as host to global property developers, real estate brokerage and investment companies from Europe, Canada, UK, USA, Cyprus and UAE in one platform to cater to home owners and real estate investors from the country and around the world. As many as 30,000 people are expected to visit the show. Agents will also showcase Residency & Citizenship by investment options in countries including UK, Canada, Australia and Europe to offer Pakistanis diverse citizenship and residency possibilities that will enable benefits such as visa-free travels across the globe, their spouses and dependent children.
International Real Estate and Investment Show (IREIS) Islamabad will also serve as a comprehensive meeting place where high net worth individuals, real estate leaders and global companies can meet to discuss the latest trends and best practices across the local, regional and international level on the industry.
“The International Real Estate and Investment Show is the perfect venue for investors and aspiring individuals to find the right investment opportunity in the comfort of Islamabad. Visitors can look forward to expertly advise from the country’s financing houses, real estate developers and agents who will guide them throughout the decision and purchases process,” concluded Georges.
Investment by Pakistani Nationals in Dubai’s real estate
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